Words of Advice:

"Never Feel Sorry For Anyone Who Owns an Airplane."-- Tina Marie

"
If Something Seems To Be Too Good To Be True, It's Best To Shoot It, Just In Case." -- Fiona Glenanne

"
Flying the Airplane is More Important than Radioing Your Plight to a Person on the Ground
Who is Incapable of Understanding or Doing Anything About It.
" -- Unknown

"There seems to be almost no problem that Congress cannot,
by diligent efforts and careful legislative drafting, make ten times worse.
" -- Me

"What the hell is an `Aluminum Falcon'?" -- Emperor Palpatine

"Eck!" -- George the Cat

Thursday, September 24, 2015

Smooth Move, Shkreli

Well, it seems that the Worst Person in the World is in the sights of a Federal prosecutor for financial fuckery worthy of jail time.
According to the court records and people with knowledge of the case, the allegations against Shkreli that are under investigation involve insider trading, disguising the purpose of corporate payments for his benefit, defrauding shareholders by snatching business opportunities for himself, destruction of evidence, failure to disclose material facts to shareholders and other potential crimes.

One of the key elements of the investigation involves allegations that [Martin] Shkreli appropriated cash from Retrophin and used it to settle litigation from institutions and individuals who were investors in his hedge fund, MSMB Capital Management, and then illegally classified them in the company’s books as consulting payments. In essence, if the allegations are true, Shkreli stole money from the company to resolve lawsuits that had nothing to do with Retrophin, then lied about what he did in filings to the Securities and Exchange Commission by misrepresenting how and why the cash was spent.
His lawyers have probably been screaming "What part of 'keep a low profile' was unclear to you?"

The DoJ has been under fire for awhile for being reluctant to go after financial pirates like Shkreli. Shkreli just transformed his case from something that might have gotten a two-minute blurb on the news into a high-profile case. If there was a chance of his defense lawyers negotiating a favorable deal for him, that just evaporated.


Except he painted/tattooed it onto himself.

2 comments:

Eck! said...

What's the word...

Schadenfreude

Yes, I think that works because irony or karma is just not it.


Eck!

Joe said...

Me, I'm going with "righteous satisfaction".